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The Covid Work-From-Home deduction (2020-2022)

The special Work-From-Home deduction relating to Covid-19 came into effect for the 2020 tax year and continued until the end of the 2022 tax year. Let's recap what this deduction does and how to claim it. The Covid-19 Work-From-Home Deduction As a consequence of the Covid-19 pandemic, the Canadian government allowed a special Work-From-Home deduction [...]

All About CRA Matching

Little-known fact: 80% of Canadian income tax filing works on the honour system. During tax season, CRA receives an avalanche of income tax returns; far more than they could ever review in real time. Consequently, they send out most Notices of Assessment having done little-to-no review of what is actually in those tax returns. Unless [...]

Do You Need To Pay Income Tax Installments?

The Canada Revenue Agency requests that some Canadians pay their income tax by installments through the year. The majority of Canadians don't have to make quarterly tax installment payments toward their income taxes because their employers deduct sufficient tax at source throughout the year to cover their tax bill. But those who have sources of [...]

When CRA Matching Thinks You Missed a Grant

We've talked elsewhere about CRA Matching, the process by which CRA takes a closer look at a tax return and the slips on file for a taxpayer to look for errors. Usually, CRA is very good at this. After all, looking at documents and numbers is their stock in trade. In our experience they're [...]

Does your foreign real estate have to be declared on T1135?

Form T1135 Foreign Income Verification Statement must be filed when a Canadian taxpayer answers 'yes' to the question "Did you at any time in the year own specified foreign property valued at over $100,000 (CAD)?" Watch: Foreign Property and the T1135 However, some real estate is considered exempt from this question, and therefore doesn't trigger [...]

Cooperating With Your Ex On Your Taxes | Divorce and Tax

Divorce and separation are painful life events, and it’s natural to want to distance yourself from the experience – and your ex -- for a while. But when it comes to your taxes the fastest route is always getting it right the first time, and that means you will have to communicate and cooperate with [...]

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